In a few months, Cyprus will lift capital controls

2013 11 29 | Category: News

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In an interview, Cyprus finance minister Harris Georgiades said that the state is likely to lift its controls within months.

The capital controls established in March were gradually being relaxed since April. According to Mr. Georgiades, the restrictions that are currently in place are much looser than they were in March.

The control of the capital movement within Cyprus is expected to be removed early next year. Cyprus finance minister also signaled that the same fate soon waits the restrictions on capital movement outside the country.

Those actions are to be considered as a milestone in overcoming financial and debt crisis.
The words of Mr. Georgiades can be seen as corresponding with the statement that was made at the end of October by The Independent Commission on the Future of the Cyprus Banking Sector. The Commission made up of four banking veterans said that Cyprus state should offer a guarantee on all bank deposits when it removes limits on money flows in order to maintain confidence in the financial system. The Commission also said that efforts to lift the capital controls need to be sped up.


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